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This question came to Maritza while reading an article by Suze Orman. We have been dealing with debt and for this question period we wanted to focus on rebuilding your credit. It is truly my belief that you can change your financial position in a very short period of time. It is about taking baby steps — it may take some time.

Question: How can we rebuild our credit after it has been damaged by unpaid debts or we had to go through a bankruptcy? The answer, according to a recent article written by Suze Orman, is to get a prepaid credit card. Instead of going to a bank, she recommends going to a credit union and apply for a secured credit card.

For those that do not know what a secured credit card is, here is a more detailed definition:

A “secured credit card” is a credit card used to build a good credit record for people with a damaged or poor credit score or for people with little or no credit history. A secured credit card requires a security deposit in order to be able to establish a line of credit. Typically, the line of credit you qualify for will be equal to the amount of money deposited with the bank or financial institution that issued the secured card.

For example, you can open a $500 secured card line by depositing $500 in an account associated with the credit card. Many secured cards charge fees for opening the account, and then charge fees for accessing your funds. In some situations, a prepaid debit card with a credit builder option may be a less expensive way to build credit.

Secured credit cards are also referred to as “prepaid credit cards“.

To find out more go to credit unions to search for one in your area. Request that the credit issuer will report your payments to at least one of the credit bureaus – Two well known ones in Canada are Trans Union or Equifax.

I recently asked for my credit rating from Trans Union – this is free — I wanted to know how I stood in the “eyes of my creditors”. I received it and now I want to run through it with someone. I saw a lot of 0s which I believe is good. I too need to find out!

AS FOR THE CLOSET… once you have dumped everything out of your closet and decided what you are going to keep then you can begin to rebuild. It will take some time. Decide how much you will put into this endeavour of rebuilding. Once you know your budget and how much you can spend – you will know how much you will budget for new items. You must be committed to sticking with this number. Like the prepaid credit card, you will only be able to spend that $ figure that you have committed to.

One day you will look at your closet and say – how did I do this? I have a full closet and I know where everything is and I feel good about this.

Take the baby steps to rebuilding your credit history!

All our best,

Sandra & Maritza

I wanted to share this story for some, if not many, will relate. When I heard this story it confirmed for me the need to create a financial empowerment workshop. It’s ALL ABOUT YOU and we want to break things down to the simple so you can make really good decisions for you and your family.

My best friend was at dinner with another group of friends to celebrate a few birthdays. She was having a conversation with this woman friend, 32 or 33 years old, who has recently been separated (in the last year or so). It was fascinating to her that this woman shared that she had to bring in an accountant to show her everything from A to Z to do with her finances. She left everything to her ex-husband – EVERYTHING. She did not know anything about mortgages, her accounts, paying bills. I mean she knew nothing.

As my best friend relayed the story to me she looked at me and said, this woman is the perfect candidate to come to your workshop.

For many there is some awareness of their finances, however there are a lot of women who really have no clue.

Taking back your power is really a choice. Let us be part of this and empower you on your journey of financial awareness.

We also want to tell you that the 2bempowered site will be changing it’s look to incorporate additions – make it user friendly.

Please send us your questions and we will address them.

All of our best,

Sandra & Maritza

Time To Consolidate

For months now, Sandra and I have been discussing how to organize your finances by likening it to “your closet”. Our intention has been to break things down to the simple so you understand certain financial terms, how to read statements, and so on, so that you can make sound financial decisions in your best interest. We know that by taking back your power you are no longer threatened by this or at least less threatened.

It does take baby steps and for some this process of looking in the closet can seem overwhelming. So we want to break this process into even smaller steps by choosing topics and providing tools and suggestions that we hope will guide you to a better financial position. It is said that the journey begins with one small step under your feet. (I really paraphrased that!)

Let’s take the first step together. This week we want to focus on your Larger Debt: Credit Cards, Mortgage, and Entertainment AND then learn how To Take Your Bills And See Where You Can Consolidate Them.

1. Credit Card Debt – We have talked about this before. You can call you credit card company and see if they will lower their rate. Otherwise you can check to see what other cards there are. Make sure you look at the fine print of switching. The larger question is how are you using this card? This is something that you want to use only for what you can pay off at the end of the month. By consolidating you will be able to pay this down. Credit card used wisely can help you build a credit rating.

2. Mortgage Loans & other Loans – In the US the housing market was really affected last year during the “mortgage and loans crisis”. Everyone is at fault here – banks loaned to people that really were not in a position to carry a loan, people borrowed thinking that their property value will keep going up and will always be worth more than the loan itself and/or that they are making such good money only to lose their jobs.

I suggest you call up your mortgage company and talk to your representative on how they can lower your monthly payments. I personally did this and I lowered my monthly mortgage by half! Otherwise put together a plan when you consolidate that will move you on a path to becoming deb-free!

3. Entertainment Expenses – this is one of the hardest ones to track for there is so much “just spending without thinking” that is done.
Where can you cut down your spending? If you are like me and Sandra and love to socialize, start by going to less expensive restaurants to eat, or higher end yet less frequent. You can invite some of your friends over for a nice home cooked meal. Rather than eating lunch out every day for $5-10/day, bring lunch 2-3 times per week. Also, rather than stopping at Starbuck’s for a morning coffee, drink one at home and try and cut down to 2-3 times per week. These are habits that seem hard to break. You will find two things, first is that you are saving money by nature of cutting back, and second you can substitute some of these choices with more healthy ones, for instances, drinking more water, taking a walk at lunch with a friend/colleague rather than going out for lunch. You will enjoy the conversation and you will also be incorporating some exercise- good for your body and mind!

A suggestion is that the next time you want to buy something, stop take three deep breaths, think about it and ask yourself is this going to support my financial decision to be more savvy? Instead of your finance controlling you, you control your finances. As always we love to here from you.

Check and see what government programs exist.

The greatest awareness is KNOWING THAT IT CAN ALL CHANGE WITHIN 6 MONTHS OR A YEAR! It begins with you taking accountability and responsibility and then make that choice. We are here to support you along the path.

All our best,

Maritza and Sandra

Sandra and I wanted to kick-start 2010 by first asking you to take a look and see what you learned last year and decide what still is missing. Maybe some things regarding your finances will remain the same while other areas need improvement. We suggest you review again some of our past articles and ask us lots of questions so we can better assist you. Let’s take the “closet approach” which Sandra and I have adopted and start getting rid of old patterns that are not working for you. Here are some questions that can assist you with discovering what to do next.

1. What do I really want?

2. Do I really understand my finances i.e banking, interest rate, late fees, mortgage loans, insurance, financial statements? If you are still having some difficulties please review our past article or please send us your questions we are here to support and empower you.

3. What is my relationship to money? Do I honor it or not? What are my beliefs around money? These are very important questions.

4. How do I take control of my finances? For example, I want to be responsible for my outcome but whom can I trust?

5. What type of resources are missing, in order for me take control of my finances?

6. What is my emotional state of being right now? For some of us we are an emotional spender. If we are serious about our finances and being abundant we must understand “why” we spend the way we do. How can we break this cycle?

By answering these questions you will begin to understand more clearly where you are at financially – FIRST TEAR APART THE CLOSET, KNOW WHAT’S IN THERE, DECIDE WHAT YOU WANT TO KEEP AND WHAT YOU WANT TO DISCARD/GIVEAWAY (donations??) AND THEN YOU ARE IN A MORE EMPOWERED AND AWARE STATE TO MAKE SOUND FINANCIAL DECISIONS.

Both Maritza and I have done this over the last year to give us a more clear idea of where our finances are at so that we can make sound financial decisions for each of us, and our respective families.

It’s baby steps … You Can Do It.

All our best,

Maritza and Sandra

2010 IS A TIME FOR ACCOUNTABILITY AND RESPONSIBILITY – TRUTH For so many years you have passed on the responsibility of your finances to others — this way you can “blame” others, the market, or whomever crosses your path for not bringing you to the place you want to be financially.

I am determined to shake you up and empower you to take back your power – to at least, in the minimum know where you stand, where your money is and in the most become an active part of this process.

We will continue the format – articles one time per month and questions asked and answered the other time per month. You will see something new every two weeks.

I am looking forward to creating workshops for women regarding financial empowerment. I want to reduce the fear around your finances. I believe it starts with building a trusting and wonderful relationship with you.

Thank you for letting me and Maritza into your lives. We love hearing from you — your questions and feedback.

Happy New Year. 2010 is going to be a great year – abundance in all areas.

The next article is about setting intentions: be clear. This will include being responsible for your choices and actions.

Enjoy your two weeks, until then….

All our best,

Sandra & Maritza

Suze Orman article
I am so behind in my magazine reading that I was reading the O Magazine from Thanksgiving. In there was the Suze Orman section. A woman was asking her for assistance regarding finances.

In the article this woman says that she has given her life savings to her close friend and she heard that her friend recently lost her job and she was concerned that the friend may “dip” into the money and she did not know how to ask her friend for the money back without insulting her.

I CAN TELL YOU SUZE ORMAN WAS NOT SO KIND IN HER RESPONSE!!!

Suze Orman told this woman to WAKE UP AND TAKE BACK YOUR POWER AND TAKE FULL RESPONSIBILITY FOR YOUR FINANCIAL WELL BEING. She asked the woman why she will hand away her entire life savings, putting it in the hands of a “stranger”; Does this woman not know what is best for herself – more so than her friend??

It was interesting. Now, I will not yell at you (like my financial advisor did to me), however I will tell you, encourage you, to take back your power and be fully responsible for your financial outcome. You can do this and it is important to be aware of where your money is going and how it is being invested, are you living beyond your means, are you creating debt, good debt, how is your credit and so on.

Maritza and I want to reduce the fear around finances and let you know that so much of what you do on a daily basis is no different then how you will take care of your finances. We have likened your finances to your closet for we know that a woman takes pride in her closet (ok sometimes it gets messy in there) and takes time to know where everything is placed – where she can find it. Sometimes it means reorganizing the closet, getting rid of things and then adding things.

We look forward to empowering you to find your way along your path of financial awareness and knowing in 2010.

We want to wish you an abundant 2010! May all of your dreams come true. First, you must take accountability and responsibility for your choices.

All our best,

Sandra and Maritza

LOOKING TO EXPAND THIS ….
When I started this part of the blog I felt really strong that women need to take more accountability and responsibility in their life for their finances.

I have had the opportunity to talk to financial planners and they are looking to reach out to women. I have talked to them about creating the relationship first. It is my firm belief that in order to reduce the fear around this area, women need to understand that in so many ways they are already making the “financial” decisions – food shopping, organizing, taking care of the house and so on.

I am determined to shift the paradigm in women’s minds and open them up to this. We will continue to answer your questions so that you can make sound financial decisions or at least start you on your way to more awareness.

I am conducting a focus group/workshop with a group of women and I will give you their feedback as well as my own.

On behalf of Maritza and myself we want to wish all the families celebrating this holiday a safe and wonderful one. We also want to wish you a very happy and healthy, peaceful and abundant New Year.

2010 is a great year – make it a great abundant, financial one!

It begins with a choice to make a change and see your whole world begin to shift. I have taken my finances from a place I wasn’t too happy to a much better place for me and my family. I am grateful and know this will continue.

I am open to abundance and receiving. The more I receive the more I give!

All our best,

Sandra & Maritza

Maritza shares her personal financial “ups” and “downs” and how letting go of WORRY has moved her to fulfill her passion:

Do I worry about my Finances??
I will answer that question by giving you my story. The first quarter of 2007 (Jan. – March) was an outstanding year for me and my husband. We were doing excellent with our investments: As a partner with a commodity hedge firm on Wall street I earned good money and my husband and I opened up our own restaurant, serving unique authentic food and style. We owned a couple of rental buildings as well as a couple of prime real estate land in the Dominican Republic. We made another big and excellent investment — we invested in two amazing breath-taking condos by the water facing NYC and the Statue of Liberty. It was great!

Until….
A couple of months after the market crashed!! What happened next was very interesting.

In business, we lost our major investments due to the market crash in the hedge firm therefore substantial amount of my cash flow dropped. The restaurant sales went down about 35-40%. The phenomenal investment of the two condos were no longer a great deal and became a financial nightmare. We actually ended up losing 50% of our down payment on the combined condo investment of $2.3 million. Our family saving was slowly decreasing. My husband and I no longer were generating a strong income to run our finances.

Worry?

NO. I had just finished reading a book called Psychogenesis: Everything Begins in Mind by Jack Addington a few months prior to our own finance crash. Thank God I did for it was really helpful. The main point I got from this outstanding book was don’t worry, all worrying does is hurt you in and outside. Worrying does not speed up the process nor will it support what you are worrying about and make it stop. So why focus on that instead focus on what you want and the solution. My husband and I did just that. Today I am happy pursing my vision to open my own company Quasar OMw which focusses on Empowering Women. My husband is still doing what he loves, real-estate. Is our current cash flow situation the same? No, however we are happy living our passion and we both believe in abundance. To me the key lesson in all of this is Don’t Give Up! Learn, grow and remember that we can choose to change things — be of service and you will succeed.

Our beliefs have shifted, we let go of worry and our financial life is moving in a healthy direction.

—

WORRY AND GUILT ARE WASTED EMOTIONS… I decided many years ago to let these emotions go. It takes time and practice and if you can catch yourself and remind yourself then you will do it more often and readily.

As life is about choices we do have the choice to be in the moment. We’ve talked a lot about your closet and like your closet — when you stand in the middle of it and look around you make your decisions in the here and now what you will wear — not tomorrow rather right now. And that outfit you wore yesterday that you may worry didn’t look so great — guess what, yesterday is finished, done.

Be in the now when it comes to ALL of your decisions. With your finances, you may have been a worrier, or come from lack (I am always in debt, how am I going to pay for this or whatever) — that was yesterday or even your last thought and THIS thougth can be about gratitude for what you do have. As you shift your beliefs, feelings and thinking, you shift your outcome. Start now!

All our love,

Maritza and Sandra

We are fortunate to have two different advisors providing an answer to this question. What I like is there is consistency in their thought. Take what resonates from one or both and make it your own!

First is my Financial Advisors, Warren Blatt (warren@wdba.ca/416-319-8172), to answer these questions.

Term vs Permanent Life Insurance
Most people consider life insurance a necessary expense, but there is a wide difference of opinion over what type to buy. With good reason – the two types, term and permanent, vary widely in coverage, benefits and cost. Permanent life insurance also comes in three distinct flavours- traditional whole life, universal life and variable life. You can also have a combination of both term and permanent policies.
It’s really not as confusing as it may sound.

Term insurance: in a nutshell Term insurance is like paying rent on a home – it’s generally the least expensive option available, especially in the first few years, but the premiums will usually rise over time.
Term policies can last from 1 to 20 years, and are renewable like a lease, but like rental living, you’re not left with any equity, or cash value, in the end. If you don’t die before your policy expires, you don’t get to use the service you’ve paid for, chances are you won’t protest!
Many financial planners feel purchasing term life insurance and then investing the savings between it and permanent insurance provides the best mix. However, you must have the self control to do so.

Permanent insurance: at a glance Permanent life insurance will cost much more at first, but because your premiums are fixed (the $ rate never changes), this option may actually cost less in the end – it all depends how long you pay into it.
Premiums paid on permanent life insurance policies are like mortgage payments – part of the payment allows you to live somewhere, and the other part allows you to own something really valuable in the end.
Permanent life insurance policies can also offer other benefits, such as annual dividends, guaranteed cash value and tax-deferred cash value growth. You can cash in a permanent policy or borrow against it, much like dipping into a savings account or taking a second mortgage.

Permanent choices: Permanent (or whole life) insurance falls into three subcategories:

Traditional Whole Life Insurance. If you are a cautious investor, seeking as many guarantees and as few surprises as possible, traditional whole life insurance will probably appeal to you. The annual premiums are guaranteed not to rise, your cash value and death benefits are guaranteed and you may also earn dividends.

Universal Life Insurance. Universal life insurance offers many of the same benefits as traditional whole life, but is more flexible in many ways. Premiums can vary from year to year, and sometimes they can be skipped entirely. You can withdraw your cash value or borrow against it at any time, but instead of annual dividends, you earn interest at a fluctuating annual rate.

Variable Life Insurance. If you consider yourself a more active or confident investor, choosing variable life insurance can enable you to tie the cash value of your policy to the performance of the financial markets. Choosing from among a variety of investment options, including aggressive growth funds, investors assume risks that can quickly grow their policy’s cash value – or just as quickly shrink it.
Weigh your options

Essentially, the decision comes down to this: Do you want to pay a little right now for financial protection against your accidental death, or do you want to lock in to higher, longer payments that still offer death benefits but can provide dividends during your lifetime?
To answer this question, first ask yourself how long you intend to keep the policy. (Which is really just a polite way of saying, ‘Try to guess the date of your death.’) If it’s less than 10 years from now, then term is almost certainly the way to go. If it’s more than 20, then look into permanent. But what if it’s somewhere in between? A qualified insurance agent will be able to answer such questions.
There are many factors to consider. Whether or not you choose term, life, or a combination of both, there are still some constants. Your premiums will be based on factors such as age, gender and the dollar amount of the life insurance policy.
Your medical history may also be taken into consideration and you may be required to take a medical exam, although policies are available today that ask nothing more than whether or not you smoke.

The second answer is provided by Anthony Capone and he can be reached at acapone@ft.newyorklife.com:

I am thinking about getting some what is the difference between short term vs. long term?
To be clear I think it’s imperative to explain the difference between Term Insurance ( short term and Long term ) and Permanent Insurance (Whole Life ).

Think of Renting an apartment/house or buying one.
When you rent you only get the benefit of the shelter on a monthly or long-term contractual basis. No equity privileges. The short term contract is lower on a monthly basis but you are exposed to significant increases in the later years. The Long term Contract is fixed for the duration but considerably higher than the short term contract in the beginning. Again, no equity and for a ” TERM “. Meaning that at some point the contract ends. When you buy a house you have it for life, you get to enjoy the Equity and the payments are fixed.

Reasons for either: Short term is for budgetary constraints but very serious family responsibilities. Death Benefit premiums are considerably cheaper than long term but escalate with age. Long term has a fixed monthly premium for the entire duration but is obviously more on account of the extended contract.

THe costs?
The costs are as mentioned above. A yearly contract, also known as an Increasing Premium Term is the most cost effective term policy available for the short term ( 5 years or less ) but can exceed the premiums of a twenty year term in later years. Long term premiums are fixed giving peace of mind but are considerably higher.
( Inside tip: studies indicate that most policies are revised in the first few years due to life changes. Knowing this it would seem unnecessary to pay the higher premiums of a Long term policy. )

The benefits?
You can secure a Larger Death Benefit for a lower premium with term insurance during the most vulnerable years.

When do I choose which one and does this change over time?
I would choose short term insurance over long term as a starter policy. It’s more cost effective, easy to convert into a permanent policy( some companies allow you to upgrade to a permanent policy without need to undergo the medical all over again ) and gets us in the mind set of having proper coverage. Also, some families are still in the growing phase so will require additional coverage at a budget conscious premium.
If you are in a stable career and your family is complete you may want to lock yourself into a Long Term plan with a twenty year term or go with a Mutual Insurance companies Whole Life Policy that pays dividends on your premiums so you can supplement your retirement plan with it’s cash accumulation. This equity can be drawn on in later years on a monthly basis.

Single people usually do not have family responsibilities so can either buy sufficient term to cover their financial obligations and invest the rest or secure a whole life policy to compliment their Retirement plans.

Remember the analogy of renting a home verses owning one. With Term insurance you do not get equity privileges. It is PURE protection in case of the unexpected. It’s like using the shelter of the apartment. With Whole life insurance you also get equity by way of cash accumulation and dividends paid on premiums. Just like owning and enjoying the equity in your home. More expensive than rent but now considered an asset class.

I have assisted clients with a combination of both ( I call them Hybrid policies ) and have even stacked policies so as to have the term policies expire after the initial stages of life are past and then only have Whole Life accumulating supplemental income for retirement, Family inheritance and Estate Conservation.

Every individual is different and should speak to a financial services professional in order to determine the correct amount and type of insurance required to meet these needs. The younger one gets started the lower the premiums so remember ” Age makes a difference “.

Anthony, NYC

I LIKEN IT TO MY WARBRODE — HOW MY NEEDS HAVE CHANGED OVER TIME
When I began working I spent a lot of money on my work clothes. I had no problem buying the more expensive items – suits, shirts, high heels, etc. However when I left the workforce to have children and raise my family – the way I spent money on my wardrobe has shifted. I no longer needed to spend large sums of money on work clothes and started to invest in my casual wardrobe. Although I still needed nicer clothes to go out so I still see spending money on a great sweater or shirt or blouse. And of course, shoes is something that I still will spend however I do not need the high heels as much.
Once again things are shifting. I am looking to get more involved in the workforce and have once again began reinvesting in my work wardrobe.
While this may seem like a trivial example, your needs for different types of life insurance will change as your children get older, go to university, and so on. There may also be a death of a loved one, loss of a job, a diagnosis of a disease. We never know what life will bring us. Today I say I have an “hybrid” type of insurance – some whole life, long term and some term which I want to convert over slowly to whole life. Being divorced I want to make sure my children are taken care of.

Ask your advisor questions and find what is best for you — know that in 5 years this may change!

All our best,

Sandra & Maritza

Are You Living Beyond Your Means? & Why?

Posted Wednesday, November 4th, 2009. Filed Under Financial Empowerment | Leave a Comment

Maritza shares an interesting point of view:

Are we living above our means? How often do we ask ourselves this very important question. From my point of view this is one of the main reasons our financial markets collapsed. We were buying debt without taking a closer look at our cash and asset “closet”. There is a psychological affect on consumer spending.

What is the core reason why we buy things? For me it’s to fill a void but to be honest that void does not get filled with things bought but from things you actually can’t buy, which is love and connection. I lived in the poor side of Dominican Republic, we did not have luxury items but we had love. I did not feel underprivileged nor lacking and I had everything I needed: food, nature, and best of all love and connection. Coming to the US I realized at a very young age how spoiled we are and how attached we are to material things. So if you are living above your means, ask yourself what is
the core reason why you are spending? Is it to fill a void in your heart, is it to keep up with the status of your peers, is it because having things around you make you feel safe? If you search within you will realize the reason you are living above your means is because you are trying to fill a gap, the gap of feeling loved.

A MESSAGE FROM ONE ADVISOR…
When the markets are up – stock and real estate, people look at their “paper” value and say, “Oh I can live at this level”. I’ll never forget reading an article about this where the advisor said that if you bought shares worth $50,000 and on paper they are worth $150,000 YOU NEED TO LIVE AT THE $50,000 value for the $150,000 value is inflated, will fluctuate and change and has not been realized yet. Meaning, that you have not cashed out. That comment has stayed with me ever since. We now know that the markets can swing just as easily the other way.

A Story about a Diamond Ring…
I know this woman who lived the high life. Her husband and her used to buy homes, refinish them and flip them. He was in the used car business. Well things in the market changed and now the house wasn’t so easily flipped. This couple decided to split (for other reasons) and they needed to sell the house. Now they were going to have to sell it for a loss or just break even. They did. She bought another house. The woman’s (ex)husband lost his business and they needed some cash. She decided to sell her diamond rind. It was nearly 4 karats. She “thought” it was worth one amount and when she went in to sell it back to the place she bought it they offered her a considerably low amount. The interesting thing about the diamond is the place she bought it sold her a ring described at one value – clarity, shape, etc. She took it to two other places and it turns out that the ring she “thought” she bought was not it and the value was much less.

What is the point? We cannot assume that when we buy something it will hold its value or even be it’s value of the price we paid. We do go by market value to give us some indication however you are best to live at your actual dollar budget for the month. See what is really coming in and what is going out and then you can make good decisions on where and how much you want to spend.

We both feel that abundance is a good thing – for the more you have, the more you can give. What we are pointing out is that “things” are what you have NOT WHO YOU ARE. Also be grateful for what you have no matter what level that is at. The US Thanksgiving is approaching — take the time to look around and see if you are happy with your decisions. You always have the choice to make changes. Even when all seems bleak, like your finances, it can always be turned around!

All of our love,

Sandra & Maritza

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